LEGAL AND INSTITUTIONAL FRAMEWORK FOR COMBATING MONEY LAUNDERING AND TERRORISM FINANCING IN NIGERIA

Abstract

Money laundering and terrorism financing pose significant threats to global security and economic stability, with Nigeria being a key target for these illicit activities. This paper sought to develop effective strategies for combating money laundering and terrorism financing in Nigeria through a comprehensive approach that combines legal, regulatory, and institutional frameworks. The proposed strategies include strengthening legal frameworks, improving regulatory oversight, building institutional capacity, and public awareness campaigns. The paper investigated the vulnerabilities and challenges in Nigeria's anti-money laundering (AML) and counter-terrorism financing (CFT) regime. By analyzing the strengths and weaknesses of Nigeria's current AML and CFT systems, this paper contributed to the global effort to combat money laundering and terrorism financing, specifically in the context of Nigeria's unique challenges and circumstances. The findings highlighted the inadequate legal and regulatory frameworks, weak institutional capacities and lack of effective coordination among agencies, Limited resources and inadequate training for personnel. The paper made several recommendations, which included merging of anti-corruption agencies, strengthening of international cooperation, removal of immunity clauses for public officers etc.